Human Resource Strategies
It wasn’t too long ago when the workforce was reeling in turmoil due to the financial crisis. Many of my colleagues lost their jobs due to the financial crisis of 2007-2010. After the crisis, I was also looking for work after working for an organization that I enjoyed working at. I was getting bonuses for reaching individual as well as organizational goals.
However, my bonuses were not a fraction of the taxpayer bailouts given to Wall Street companies. Many of my colleagues were making announcements on their LinkedIn accounts through their groups. I can recall lengthy paragraphs of individuals with experience and drive in their fields. They were just in the right place at the wrong time.
Here are some remedies for issues and elements dealing with compensation:
There are three compensation components that make up overall compensation:
Recognition programs are good ways for companies to feature employees who do a good job and serves as incentive for others to do the same.When work is rewarded, employees feel that they matter and make a difference.
Organizational support builds a stronger sense of belonging and connection through collaboration and teamwork.
A positive and safe work environment also keeps the mainstay for productivity and ease of mind.
Who doesn’t like a workplace with some flexibility which can be work hours and variety of tasks and projects to reduce boredom and enhance professional development?
So what is strategic compensation? It is the compensation of employees in ways that enhance motivation and growth. It also aligns their efforts with the objectives of the organization.
Strategic compensation begins with analyzing what the organizational objectives are. Once there is an understanding of the organizational objectives, then this is the time when you need to consider what is best for the company in terms of what skills and behaviors will be rewarded. Sounds interesting. This is why there must really be clear picture of what the organizational objectives are.